At lint market, demand for better lint grades kept trading firm. Leading buyers fortified their long positions by making deals for better grades of cotton at Rs 6,700-Rs 6,750 per maund, on the back of anticipated short supply of better grades during upcoming trading sessions.
Demand for better grades of lint would keep quality conscious buyers make forward deals for a month’s delivery period in coming days.
Buyers bought second grade of lint on higher prices during trading session in Punjab and Sindh. Grades of lint were bought at around Rs 6,575-Rs 6,725 per maund, in order to strengthen their inventories on shortfall in production.
Secondary buyers made deals for all qualities of cotton at around Rs 6,025-Rs 6,225 per maund; while spinners purchased the commodity to consolidate their long positions.
Majority of deals changed hands in second grade of cotton for producing end-products and blending purposes. Import orders were still in the pipeline by spinners and earlier consignment would likely be berthed on port by the end of December.
Private sector commercial exporters made deals at Rs 6,275-Rs 6,300 per maund.
At Karachi Cotton Exchange on Monday dull trading prevailed, while spot rates remained firm at Rs6,600/maund (37.324kg) and Rs7,073/40kg. Ex-Karachi rates also remained firm at Rs6,745/maund and Rs7,228/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.
A total of six transactions were recorded of around 4,500 bales only at a price of Rs6,500 to Rs6,800/maund. Deals were recorded from Khairpur, Rohri, Saleh Pat, Jalalpur, Khanewal and Rajanpur.
In the upcoming trading session, general prices of commodity would stand firm on the back of demand for all grades of lint by leading and secondary buyers.
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